Women fear saving for retirement, study says

JACKSONVILLE, Fla.

Seven out of 10 women are “very concerned” about having enough money to cover their long-term care expenses, according to Nationwide Retirement Institute.

More than 60 percent of high-income adults over age 50 have no idea what their long-term care costs will be. 71 percent of women said that they were worried about having enough money to pay for long term expenses.

For women, who tend to outlive men and spend years caring for family members, it’s a major cause of anxiety.

The worry was especially prominent among caregivers. 3 out of 4 said they were concerned about keeping up with long-term care costs.

In 2017, the annual national median cost of bringing in an in-home caretaker was $49,192, according to Genworth. Annual care for a nursing home cost even more, coming in at $85,775.